**BXP and Delaware North Secure $465 Million Mortgage for The Hub on Causeway**
BXP, Inc., in partnership with Delaware North, has finalized a $465 million non-recourse mortgage loan for The Hub on Causeway, the prominent mixed-use development located at 100 Causeway Street in Boston. The 5.5-year loan is secured by both the podium and office tower components of the project.
The financing deal, scheduled to mature on April 9, 2031, was facilitated by Wells Fargo Bank, Morgan Stanley Bank, and Bank of America. The loan carries a fixed interest rate of approximately 5.733% per annum. Proceeds from the transaction were applied toward the repayment of two existing loans, which had a combined outstanding balance of approximately $490 million.
This marks BXP’s debut in the Green Bond mortgage financing market.
“We are pleased to complete this financing, which not only enhances the strength and flexibility of our balance sheet, but also demonstrates our access to attractively priced capital in the secured mortgage market,” said Mike LaBelle, Executive Vice President and Chief Financial Officer of BXP.
The Hub on Causeway is one of Boston’s landmark developments, featuring a blend of retail, office, residential, and entertainment spaces that contribute to the dynamic urban fabric of the city.
